Often, small businesses and startups work with a tight budget. As a result, it might be tempting to forego certain types of insurance that aren't required by law. In fact, a survey of 30,000 business owners conducted by Next Insurance found that 44 percent of responding businesses have never had insurance at all.

Unfortunately, taking such a risk could end up costing way more than the monthly premiums ever could. Jamie Dokovna, an employment attorney with Becker and Poliakoff, said failing to purchase insurance simply because it isn't legally required isn't necessarily the best move. For instance, if a customer slips and falls on your property, injuring...

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